IntelGenX reports first ever back-to-back quarters of profitability
IntelGenX Corp. (TSXV: IGX | OTCQX: IGXT) reported its first ever two back-to-back quarters of profitability from the continued sales growth of Forfivo XL®, a proprietary formulation of Bupropion. The traditional pill form of Bupropion is one of the most frequently prescribed antidepressants in the United States and Canada.
Initially launched in October 2013, Forfivo XL® is emerging nicely with gross revenues of $5.1 M in 2015, marking an increase of 207% over the same period last year. Net comprehensive income was $800 thousand, compared to a net comprehensive loss of ($2.2 million) over the same period last year. Adjusted EBITDA was $1.7 million, compared to a negative ($1.6 million) over the same period the previous year.
This is good news to shareholders after 12 years of development.
Since 2003, this Montreal Company has developed processes to improve the efficacy and safety of proven drugs for human and veterinary applications using its proprietary drug formulation technologies, VersaFilmTM, VersaTabTM, and AdVersaTM.
Dr. Horst G. Zerbe, IntelGenX’s founder, president and CEO previously served as the president of Smartrix Technologies Inc. in Montreal, and as Vice President of R&D at LTS Lohmann Therapy Systems in West Caldwell, NJ.
Dr. Zerbe holds over 40 patents in drug delivery related fields and has published numerous scientific papers in recognized journals. Dr. Zerbe is the co-developer of the ubiquitous Listerine breath strip.
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The company’s business strategy is twofold. First, it uses its proprietary drug delivery technologies to improve existing drug compounds with proven efficacy and safety. Second, it teams up with strategic development and distribution partners to reintroduce its drug compounds to the market as branded products with improved deliverability and efficacy.
The company’s website shows 13 products under different stages of development with Forfivo XL®, which is a now pill form for extended release of Bupropion and the primary source of the company’s recent financial success.
Forfivo XL® is formulated using VersaTabTM, IntelGenX’s proprietary controlled-release tablet technology. Bupropion is approved by the FDA up to 450 mg for the treatment of major depressive disorder, but was, until now, only available in 150 mg and 300 mg tablets. Forfivo XL® completes the dosing options for physicians who currently prescribe multiples of lower strengths to provide patients with 450 mg of bupropion in a single tablet. Forfivo XL® was developed to decrease the risk of dosing errors, improve patient compliance, and therefore drug efficacy. Forfivo XL® extended-release of bupropion blunts peak plasma concentrations compared to the instant release formulations, which should decrease the risk of seizures. Forfivo XL® was approved by the FDA in 2011 and is currently licensed and marketed in the US through a partnership with Edgemont Pharmaceuticals LLC.
IntelGenX is currently looking for a partnership or alliance opportunity to commercialize Forfivo XL® in markets other than the US.
Because they are developing improved formulations of currently marketed therapeutics, IntelGenX’s products typically require fewer clinical trials to generate the safety and efficacy data needed to achieve regulatory approval than drug formulations that have not been previously marketed. As a result, we should expect IntelGenX to accelerate development and reduce risk compared to traditional pharmaceutical and biotechnology companies.
Dr. Luc C. Duchesne is a Speaker and Author with a PhD in Biochemistry. With three decades of scientific and business experience, he has published ... <Read more about Dr. Luc Duchesne>